Lord Leveson’s damning 2000-page report centrally recommended a new independent press regulator, whose panel is devoid of any industry figures such as editors but armed with tough powers written into legislation.

Mr Cameron told Parliament he broadly welcomed the findings of the year-long review of press standards but questioned the legal underpinning aspect of the proposed regulatory body.

“I have some serious concerns and misgivings about this recommendation,” he told MPs in a statement to the Commons.

Lord Justice Leveson poses with a summary of his 2000-page report into press ethics and standards.

“For the first time we would have crossed the Rubicon, writing elements of press regulation into the law of the land. We should, I believe, be wary of any legislation which has the potential to infringe free speech and a free press. In this House, which has been a bulwark of democracy for centuries, we should think very, very carefully before crossing this line.”

The luke-warm response highlighted a split in the Coalition ranks as well as within the Tory party ranks with many critical of his response including his deputy prime minister the Liberal Democrat Nick Clegg.

Mr Clegg called on Parliament to move swiftly on the central planks of the Leveson report and have the laws operational by 2015.

“Changing the law is the only way to give us all the assurance that the new regulator isn't just independent for a few months or years, but is independent for good,” he told MPs.

While Mr Cameron called on reflection to analyse the report in detail Mr Clegg said Britain could not afford to “prevaricate”.

“And, bluntly, nothing I have seen so far in this debate suggests to me we will find a better solution than the one which has been proposed. Nor do I draw any hope from the repeated failure of pure self-regulation that we've seen over the last 60 years.

“We need to get on with this without delay. We owe it to the victims of these scandals, who have already waited too long for us to do the right thing. Too long for an independent press watchdog in which they can put their trust. I am determined we do not make them wait any more.”

He was backed by the Labour Opposition.

British actor Hugh Grant arrives to attend the press conference and publication of the Leveson report.

Lord Leveson said his inquiry which began a year ago was sparked by the single act of the phone hacking of murder victim Milly Dowler by the now defunct News of the World that caused widespread public revulsion.

He said what followed the revelation of that phone hacking was nine months of public hearings with 337 witnesses giving evidence and another 300 statement read onto the record.

He said the British media had performed generally well but the power and influence it had carried with it responsibilities.

“Unfortunately, as the evidence has shown beyond doubt, on too many occasions, those responsibilities - along with the Editors' Code which the press wrote and promoted - have simply been ignored. This has damaged the public interest, caused real hardship and, also on occasion, wreaked havoc in the lives of innocent people.

“What the press do and say is no ordinary exercise of free speech. It operates very differently from blogs on the internet and other social media such as Twitter. Its impact is uniquely powerful. A free press in a democracy holds power to account. But, with a few honourable exceptions, the UK press has not performed that vital role in the case of its own power.”

He added it was “essential” there be legislation to underpin the independent self-regulatory system.

“The ball moves back into the politicians' court: they must now decide who guards the guardians,” he said.

Under his proposal, the regulatory body would be made up of members of the public including former journalists and academics - but no serving editors or politicians and have power to demand prominent corrections in newspapers including o the front page and to levy fines of up to $1.7 million.

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